Freestone Grove Partners LP bought a new position in Ingersoll Rand Inc. (NYSE:IR – Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 540,873 shares of the industrial products company’s stock, valued at approximately $44,346,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of IR. AQR Capital Management LLC raised its position in Ingersoll Rand by 12.7% during the first quarter. AQR Capital Management LLC now owns 37,078 shares of the industrial products company’s stock valued at $2,904,000 after acquiring an additional 4,167 shares in the last quarter. NewEdge Advisors LLC boosted its position in Ingersoll Rand by 4.8% in the 1st quarter. NewEdge Advisors LLC now owns 6,168 shares of the industrial products company’s stock worth $494,000 after purchasing an additional 282 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Ingersoll Rand by 6.2% during the 1st quarter. Empowered Funds LLC now owns 7,731 shares of the industrial products company’s stock worth $619,000 after purchasing an additional 454 shares during the period. Woodline Partners LP acquired a new stake in shares of Ingersoll Rand during the 1st quarter worth approximately $643,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Ingersoll Rand by 663.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 74,615 shares of the industrial products company’s stock valued at $6,206,000 after purchasing an additional 64,838 shares in the last quarter. 95.27% of the stock is owned by institutional investors and hedge funds.
Ingersoll Rand Price Performance
NYSE:IR opened at $79.93 on Thursday. Ingersoll Rand Inc. has a 12 month low of $68.07 and a 12 month high of $100.96. The stock has a 50 day moving average of $81.99 and a two-hundred day moving average of $82.06. The company has a current ratio of 1.62, a quick ratio of 1.15 and a debt-to-equity ratio of 0.40. The firm has a market cap of $31.01 billion, a P/E ratio of 32.89, a price-to-earnings-growth ratio of 4.94 and a beta of 1.17.
Ingersoll Rand Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Thursday, August 13th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.1%. The ex-dividend date of this dividend is Thursday, August 13th. Ingersoll Rand’s dividend payout ratio is currently 3.29%.
Analyst Ratings Changes
Several equities analysts recently issued reports on IR shares. Wells Fargo & Company decreased their target price on shares of Ingersoll Rand from $90.00 to $88.00 and set an “overweight” rating for the company in a research note on Thursday, April 30th. Citigroup cut their price objective on shares of Ingersoll Rand from $113.00 to $109.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Evercore set a $84.00 price objective on shares of Ingersoll Rand in a research report on Monday, May 11th. Robert W. Baird increased their target price on shares of Ingersoll Rand from $103.00 to $109.00 and gave the stock an “outperform” rating in a research note on Monday, August 3rd. Finally, Morgan Stanley set a $87.00 target price on Ingersoll Rand in a research report on Monday, August 10th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ingersoll Rand has a consensus rating of “Moderate Buy” and a consensus target price of $96.14.
View Our Latest Analysis on Ingersoll Rand
Insiders Place Their Bets
In other Ingersoll Rand news, Director Aurobind Satpathy bought 11,538 shares of the stock in a transaction on Monday, August 3rd. The shares were bought at an average price of $86.68 per share, with a total value of $1,000,113.84. Following the purchase, the director directly owned 11,538 shares in the company, valued at $1,000,113.84. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.49% of the company’s stock.
Ingersoll Rand Profile
Ingersoll Rand is a diversified industrial company that designs, manufactures and services a wide range of equipment and technologies for commercial, industrial and OEM customers. Its product portfolio includes air compressors and compressed air systems, pneumatic and cordless power tools, material handling and lifting equipment, fluid transfer and pumping solutions, and associated aftermarket parts and service offerings. The company’s products support applications across manufacturing, construction, transportation, oil and gas, mining and general industrial markets.
Ingersoll Rand sells through a combination of direct sales, distributor networks and service channels, delivering both capital equipment and recurring aftermarket revenue from parts, maintenance and service contracts.
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